2020 (2) TMI 1426

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.... ORDER PER M. BALAGANESH (A.M): This appeal in ITA No.5216/Mum/2018 for A.Y.2011-12 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-3, Mumbai in appeal No.10027-THN/17-18 dated 04/07/2018 (ld. CIT(A) in short) in the matter of imposition of penalty u/s.271(1)(c) of the Income Tax Act, 1961. 2. The only effective issue involved in this appeal is validity of levy o....

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.... head plant & machinery. Since this was genuine omission made by the assessee while filing return of income, when this was pointed out by the ld. AO at the time of assessment proceedings, assessee immediately agreed for disallowance of the same in the assessment. We find that the assessee had duly furnished the entire workings for loss of sale of motor car before the ld.AO voluntarily together wit....

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....the genuine omission made by it should not be penalised. The assessee placed reliance on the decision of the Hon'ble Supreme Court in the case of Price Waterhouse Coopers (P) Ltd. vs. CIT reported in 348 ITR 306 in support of his contention. The ld. CIT(A) however, ignored the contentions of the assessee and held that the mistake committed by the assessee was not bonafide and accordingly confirmed....

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....ng Officer who framed the assessment order. In that sense, even the Assessing Officer seems to have made a mistake in overlooking the contents of the Tax Audit Report. 19. The contents of the Tax Audit Report suggest that there is no question of the assessee concealing its income. There is also no question of the assessee furnishing any inaccurate particulars. It appears to us that all th....